Collective Commentary about the New Package Travel Directive

HUNGARY | ANDRAS SALAMON 851 III.A. The first pillar of insolvency protection: financial security 31) The rate of financial security and the method of calculation thereof is regulated in Section 8(3). The rate and method of calculation of the financial security effective after 01 July is as follows: “Section 8 (3) of the Government Decree is replaced by the following: ‘(3) The value of the financial security shall be the following percentage of the net sales revenue from the respective activities by 31 December of the year when the guarantee contract is concluded with the credit institution or the insurance contract is concluded and the cash deposit is placed: • a) 3% of the net sales revenue accounted for under Act C of 2000 on accounting that arises from the sale of package travel to travellers in Hungary, compiled by the travel organiser, started in Hungary and not involving the crossing of the Hungarian border, but at least HUF 500 000; • b) for travels or holidays which are not covered by point a): ba) 12% of the net sales revenue accounted for under Act C of 2000 on accounting that arises from the sale of package travel to travellers in Hungary, compiled by the travel organiser, but at least HUF 5 million, provided that no travel service specified in Section 2(9)(a) of Government Decree No 472/2017of 28 December 2017 on contracts relating to travel services, in particular on contracts relating to package travel and linked travel arrangements is included in the compiled package travel in the period covered by the financial security, bb) 12% of the net sales revenue accounted for under Act C of 2000 on accounting that arises from the sale of package travel to travellers in Hungary, compiled by the travel organiser, but at least HUF 7 million, provided that a travel service specified in Section 2(9)(a) of Government Decree No 472/2017 of 28 December 2017 on contracts relating to travel services, in particular on contracts relating to package travel and linked travel arrangements is also included in the compiled package travel in the period covered by the financial security, and it is carried out by road, rail or water transport or by scheduled flight or flights, at least, • c) with regard to travels or holidays from Hungary to foreign countries or from abroad to foreign countries, 20% of the net sales revenue accounted for under Act C of 2000 on accounting that arises from the sale of package travel to